Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.1%), Nasdaq Composite (+0.1%), and DJIA (+0.2%) are off their session highs, but remain in modestly positive territory early this afternoon.

Intuit (INTU 322.15, -31.61, -8.93%) is one of the worst-performing S&P 500 components today after Goldman Sachs downgraded the stock to Sell from Neutral, with 23% downside to its 12-month price target of $276. The impetus for the downgrade was intensifying tax competition and earnings risk.

Other packaged software names such as ServiceNow (NOW 126.28, -9.58, -7.05%) and Workday (WDAY 147.23, -10.00, -6.36%) are also laggards, and the IGV is down %.